The Power of Micro Money Transfers: A Practical Guide To Becoming A Highly Profitable Money
Remittances, like most dominant financial services, penalise the poor—while sending large amounts of money cross-border is relatively cheap, small transactions incur huge fees. As a result, many people don’t send small sums of money, instead save up to make monthly transactions. On average, a Mexican migrant remits ~$300 13 times a year; but back home, imagine the cash crunch in between ‘paydays’. $20 goes a long way towards staples like airtime, food and utilities. More frequent transactions can have a profound impact on smoothing out income and allowing impoverished households to better save, plan, invest and grow.
This book explains why micro money transfers matter, the impact they have on peoples’ wellbeing, and the importance of transparency in an industry riddled with “confusion” pricing. It also outlines how the future of micro money transfers will develop, and how additional financial services can be layered on top to welcome the underserved into the formal financial system. Finally, this book provides money transfer operators with a blueprint on how to pivot your business model and future proof your business.